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Powers and duties of Board

Seattle Mun. Code § 4.36.505
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4.36.505 - Powers and duties of Board The administration of the retirement system and retirement fund, including all benefits provided by this Chapter 4.36, is vested in the Board of Administration created in Section 4.36.500, which shall exercise the powers and duties conferred upon it by Section 4.36.500. Additionally: A. The Board shall keep in convenient form such data as shall be necessary for the actuarial valuation of the retirement fund created by this Chapter 4.36. The Board shall authorize an actuarial valuation of the assets and liabilities of the retirement fund at least every two years and shall transmit a report on the actuarial valuation to the City Council. Based on the valuation, the Board shall recommend to the City Council any necessary revisions in the rate of contributions of members and the City. B. The Board shall authorize an actuarial investigation of the experience of the mortality, service, and compensation of the members and beneficiaries at least every four years, and shall transmit a report on the actuarial investigation to the City Council. Based on the investigation, the Board shall adopt or revise for the retirement system such mortality, service, and other tables and assumptions as necessary. C. The Board shall establish an investment advisory committee as contemplated by RCW 35.39.080 through 35.39.090. A copy of the written report of the investment advisory committee required by RCW 35.39.090 shall be filed with the Director of Finance and the City Clerk. D. The Board shall adopt an investment policy as contemplated by RCW 35.39.060. A copy of the investment policy shall be filed with the City Clerk and a copy shall be provided to the Director of Finance. E. In addition to other records and accounts, the Board shall keep such detailed records and accounts as shall be necessary to show the financial condition of the retirement fund at all times. The Board shall annually transmit to the City Council a report showing the financial condition of the fund established by this Chapter 4.36. F. Nothing in this Section 4.36.505 shall be construed to limit the right of the Board to make changes in rates of interest, subject to approval of the City Council, whenever the Board deems it necessary or advisable, or to secure actuarial reports more frequently than the time periods for reports in subsections 4.36.505.A and 4.36.505.B. G. The Board may adopt rules deemed appropriate to carry out this chapter, including delegating any of its powers and duties to a committee consisting of at least three members of the Board. Any action taken by a committee is subject to approval by the Board. The Board may also delegate to the Executive Director powers and duties for efficient administration of the retirement system and fund, including the adoption of policies, procedures, and/or guidelines consistent with its rules and with this Chapter 4.36. The Executive Director in turn may delegate Executive Director powers and duties to staff as necessary or advisable. In addition, the Board may delegate Board powers and duties to professional third party service providers, including delegating retirement fund management responsibilities to investment managers and consultants. H. The Board is authorized to execute any and all contracts and agreements necessary or convenient for the proper investment of the moneys in the retirement system after receiving advice of legal counsel. The Board may, by resolution, delegate the authority to sign any such agreements to any Board member or to the Executive Director. I. The Board is authorized to approve reasonable allocations of expenses for the joint administration of the City of Seattle Voluntary Deferred Compensation Plan and Trust together with the Seattle City Employees' Retirement System. Expenses attributable to the City of Seattle Voluntary Deferred Compensation Plan and Trust shall be paid solely by such Plan and Trust or by the City. Expenses attributable to the Seattle City Employees' Retirement System shall be paid solely by the Retirement Fund or by the City. (Ord. 127132, § 3, 2024; Ord. 125109, § 12, 2016; Ord. 124574, § 15, 2014; Ord. 124254, § 1, 2013; Ord. 123361, § 98, 2010; Ord. 120794 § 65, 2002; Ord. 116368, § 100, 1992; Ord. 112833 § 3, 1986; Ord. 111493 § 4, 1983: Ord. 105887 § 1, 1976: Ord. 104572 § 3, 1975: Ord. 102931 § 1, 1974: Ord. 101024 § 2, 1972: Ord. 99566 § 2, 1970: Ord. 78444 § 7, 1949.)
Source: City of Seattle, Seattle Municipal Code and City Charter (Municode Library, library.municode.com)URL: https://library.municode.com/wa/seattle/codes/municipal_code?nodeId=TIT4PE_CH4.36CIEMRESY_4.36.505PODUBOFetched: 11/1/2026

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